A-One Steels IPO Day 3: Issue subscribed 11 times; GMP at 14%. Check key details

A-One Steels IPO received a decent response from investors, with the issue getting oversubscribed 11.61 times overall against the 73.84 lakh shares on offer, according to NSE data. If the prevailing GMP holds, the premium indicates the possibility of a listing price above the IPO’s upper price band.

At the end of Day 2, the issue was subscribed 1.35 times against the 73.84 lakh shares on offer. The retail investor portion was subscribed 1.76 times against the 36.63 lakh shares reserved for the category.

The Rs 405 crore public issue is a book-built offering comprising a fresh issue of 87.65 lakh shares worth Rs 355 crore and an offer for sale (OFS) of 12.35 lakh shares aggregating to Rs 50 crore.


The IPO opened for subscription on September 24 and will close on September 28, 2026. The basis of allotment is expected to be finalised on September 29, while the shares are proposed to list on both the NSE and BSE on October 1, 2026, subject to applicable approvals and timelines.

The price band has been fixed at Rs 385–Rs 405 per share, with a lot size of 37 shares. At the upper price band, retail investors will need to invest a minimum of Rs 14,985 for one lot.

The floor price is 38.5 times the face value, while the cap price is 40.5 times the face value. Each equity share has a face value of Rs 10. Investors can bid for a minimum of 37 shares and in multiples of 37 shares thereafter.

Based on diluted FY26 EPS, the company’s P/E ratio stands at 20.84x at the lower price band of Rs 385 and 21.92x at the upper price band of Rs 405. The average P/E ratio of the company’s industry peer group for FY26 stands at 45.20x.

Eligible employees applying under the employee reservation portion will be entitled to a discount of Rs 38 per equity share.

PL Capital Markets Pvt. Ltd. and Khambatta Securities Ltd. are the book-running lead managers for the issue, while Bigshare Services Pvt. Ltd. is the registrar to the issue.

A-One Steels IPO Subscription Status

The Retail Individual Investors (RIIs) category was subscribed 8.64 times against 36.63 lakh shares reserved for the category.

The Non-Institutional Investors (NIIs) category was subscribed 24.51 times against 15.70 lakh shares on offer.

The Qualified Institutional Buyers (QIBs) category was subscribed 7.30 times against 20.93 lakh shares reserved for the category.

A-One Steels IPO GMP Today

The A-One Steels IPO GMP stands at Rs 56, representing a premium of around 14% over the upper price band of Rs 405 per share. Based on the prevailing GMP, the estimated listing price works out to around Rs 461 per share.

However, the grey market premium (GMP) is an unofficial and unregulated market indicator and is not part of the formal IPO price discovery process. GMP can fluctuate before listing and does not guarantee the actual listing price or investor returns.

IPO Objects of the Issue

A-One Steels India Ltd. plans to use the net proceeds from the IPO primarily for pre-payment or partial repayment of certain outstanding borrowings, with an estimated allocation of Rs 250 crore. Any remaining proceeds will be used for general corporate purposes, subject to applicable laws and regulations.

A-One Steels Financial Performance

A-One Steels India Ltd. reported an 18% increase in total income, rising from Rs 3,570 crore in FY25 to Rs 4,202 crore in FY26. Profitability also improved sharply, with profit after tax (PAT) rising 1,552% to Rs 127 crore in FY26, compared with Rs 8 crore in FY25.

About A-One Steels India Ltd.

Incorporated in 2012, A-One Steels India Ltd. is a backward-integrated steel manufacturer with a diversified portfolio of long and flat steel products, as well as industrial products such as met coke, silicon manganese and ferrosilicon. The company manufactures sponge iron, MS billets, TMT bars, HR/CR coils, HR/CR pipes and galvanised tubes, catering to sectors including construction, infrastructure, automotive, power and other industries.

A-One Steels operates six manufacturing facilities across Karnataka and Andhra Pradesh, with locations positioned close to iron ore sources and major ports to support raw material sourcing and product transportation. The company also focuses on renewable energy, backed by long-term solar and wind power purchase agreements. Its TMT bars are CII-certified green products and are manufactured in multiple sizes. The company produces sponge iron at its Koppal and Bellary facilities and is also setting up a 10 MW waste-heat-recovery power plant. As of November 30, 2024, A-One Steels had 2,459 employees: 1,377 permanent and 1,082 contractual, including 63 personnel in sales and marketing.

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